Outlook 04/03: U.S. index futures started off the second quarter with considerable and broad-based losses. SP500 futures were recently ticking slightly higher after Monday's tumble to the index's lowest level since mid-November and a close below its 200-day simple moving average (2589) for the first time since June 2016. The big event today will be the debut of Spotify (SPOT) shares in a direct listing on Nasdaq.
/ESM8 Value: YVAH 2586 YPOC 2578 YVAL 2555
/ES Plan: Yesterday market closed bearish (PBT 2517) and overnight shows a market attempt to regain, moving above Yesterday's value, so today's options are:
A) If market remains above YVAH 2586 with bullish internals, be a buyer leaning on 2586-87 towards LVN 2602 and HVE 2620. 'Look below and fail' is a signal of strength.
B) If market starts to move below YVAL 2586 with bearish internals, become a seller leaning on 2586-2587 towards GAP 2576 and YVAL 2555. 'Look above and fail' is a signal of weakness.
Tips: Sit On Hands (SOH) is a warning used when the market is choppy or erratic and trades on either side have low odds of success.
Today's Economic Calendar
09:30 AM Fed's Kashkari speech
16:00 PM Fed's Brainard speech
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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